Eager to build infrastructure, Biden plans to tax businesses
President Joe Biden wants $2 trillion to reengineer America’s infrastructure and expects the nation’s corporations to pay for it.
Federal Government
Articles
Biden’s $2.25T infrastructure, climate plan emerges as congressional wrangling begins
The ambitious plan, to be unveiled Wednesday, is expected to devote hundreds of billions of dollars to infrastructure, home care for the elderly and the disabled, efforts to revive manufacturing, and bolstering the nation’s electric grid, broadband access and water systems.
Biden to reveal major spending plan that calls for revamp of tax code
President Joe Biden has made clear his plans will include tax-policy changes to help fund what aides have laid out as a roughly $3 trillion long-term program.
Pressure mounts on NCAA as House Dems demand answers over tourney disparities
Lawmakers raised questions about the organization’s role in fueling inequity in college sports, a sign that scrutiny of the Indianapolis-based NCAA is likely to expand beyond this month’s men’s and women’s basketball tournaments.
Treasury sends out additional 37 million relief payments
The second batch of payments sent out this week followed an initial 90 million payments made in the week after President Joe Biden signed the $1.9 trillion COVID relief measure on March 11.
USPS chief cuts post office hours, lengthens delivery times in new 10-year plan
Postmaster General Louis DeJoy said the Postal Service is weighed down by $188.4 billion in liabilities, and that he expects it to lose $160 billion over the next 10 years.
White House eyes tax increases on companies and ‘wealthy’ to fund infrastructure
The centerpiece of the tax increases would probably be a higher corporate tax rate—reversing part of President Donald Trump’s steep corporate tax cut in 2017—as well as higher levies on investment income and a higher top marginal tax rate.
Biden formulating $3T plan for infrastructure, schools, family leave
The infrastructure portion of the package would include roughly $1 trillion for roads, bridges, rail lines, electrical vehicle charging stations and the cellular network, among other items.
New SBA head plans changes at agency; focus now is COVID-19
Two days after she was sworn in, Isabella Casillas Guzman said her immediate focus is implementing the small business provisions in the $1.9 trillion coronavirus rescue package signed into law last week.
Students who got partial loan relief could see full discharge
The change could lead to $1 billion in loans being canceled for 72,000 borrowers, all of whom attended for-profit schools, the Education Department said.
The $3B question: How will Indiana spend the next round of federal aid?
Gov. Eric Holcomb’s administration oversaw and directed the spending of the $2.4 billion CARES Act money Indiana received last year, but this time around, it seems more likely that state lawmakers will be involved in spending decisions.
Treasury: $242 billion in new relief payments already sent
The Treasury said the first batch of payments went to eligible taxpayers who provided direct-deposit information on their 2019 or 2020 tax returns.
GOP attorneys general question stimulus barring tax cuts
The attorneys general list over a dozen instances of states currently considering new tax credits or cuts that they believe could be jeopardized simply because of the relief funds.
Battling bigness: Congress eyes action against monopolies
The battle against bigness is building. Whether it’s beer, banks or book publishing, lawmakers are targeting major industries they say have become so concentrated that they’re hurting competition, consumers and the economy. The economic dislocation of the pandemic has laid bare the struggles of small businesses unable to compete with corporate giants that have been […]
Yellen pushes global minimum tax as White House eyes higher corporate taxes
Although he has not proposed entirely reversing President Trump’s cut in the corporate tax rate, President Biden has said he would aim to raise potentially hundreds of billions more in revenue from big businesses.
Biden aims for quicker shots, ‘independence from this virus’
President Joe Biden pledged in his first prime-time address Thursday night to make all adults eligible for vaccines by May 1 and raised the possibility of beginning to “mark our independence from this virus” by the Fourth of July.
Pace of spending for pandemic aid? Try $43,000 every second
The president signed the aid package into law Thursday without a comprehensive plan in place to distribute all of the funds, which will be a core focus of the administration in coming weeks.
States drawing up big wish lists for the COVID relief money
Since most state budgets are not in the tailspins that many feared last spring, states can use their share of the money to go way beyond balancing the books and dealing with the direct costs of the coronavirus pandemic.
Biden signs $1.9T pandemic relief bill before speech to nation
President Biden’s challenge Thursday night will be to honor the sacrifices made by Americans over the last year while encouraging them to remain vigilant despite “virus fatigue” and growing impatience to resume normal activities.
Indianapolis, Marion County expected to get $424M from latest relief bill
The funding is part of an overall $1.9 trillion bill that could send as much as $5.87 billion to the state, including roughly $237 million to Indianapolis and another $187 million to Marion County.